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☆ Why Silicon Valley Bank collapsed and what it could mean
▼ + stars: | 2023-03-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —Silicon Valley Bank collapsed with astounding speed on Friday. A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank headquarters on March 10, 2023 in Santa Clara, California, United States. Established in 1983, Silicon Valley Bank was, just before collapsing, America’s 16th largest commercial bank. Like many other banks, SVB ploughed billions into US government bonds during the era of near-zero interest rates. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to raise capital or find a buyer.

☆ Six Hong Kong-listed firms say their deposits at SVB are immaterial
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, March 12 (Reuters) - Six Hong Kong-listed companies, mostly Chinese pharmaceutical firms, disclosed cash deposits at Silicon Valley Bank on Sunday, adding that their exposure to the failed U.S. lender and its impact on operations were immaterial, in an effort to calm investors. Startup-focussed SVB Financial Group (SIVB.O), which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Broncus Holding Corporation (2216.HK) said it held $11.8 million at SVB, representing around 6.5% of its total cash. Noah Holdings Private Wealth and Asset Management Limited has less than $1 million with SVB, less than 0.2% of its total cash. CANbridge Pharmaceuticals Inc (1228.HK) said the amount of cash deposited with SVB is "immaterial and is generally within the amount guaranteed by the FDIC accordingly", without giving any figures.

☆ Royal Bank of Canada's quarterly profit falls on higher provisions
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Royal Bank of Canada (RY.TO) on Wednesday posted a decline in first-quarter profit, as the lender set aside higher provisions to brace for potential loan defaults amid a challenging macro environment. The bank reported adjusted earnings of C$3.05 per share, up from C$2.87 a year earlier. Provisions for bad loans came in at C$532 million for the quarter, up from C$105 million a year ago, mainly reflecting higher provisions in Personal & Commercial Banking. Earnings from Royal Bank's personal and commercial banking unit rose 8% and wealth management profit was up 3% from a year ago, driven by higher interest rates. RBC's rivals – CIBC <CM.TO> and Bank of Montreal (BMO.TO) – have reported a decline in quarterly profits as they build buffer for loss provisions amid challenging economic conditions.

☆ Citigroup expects $190 mln of costs tied to Russia wind-down
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Citigroup Inc (C.N) said on Monday it was expecting $190 million of costs tied to winding down its consumer and institutional banking business in Russia, as of the end of last year. It later expanded the scope of its exit to include its local commercial banking unit after Russia's invasion of Ukraine, and forecast charges of around $170 million. Besides Citigroup, companies including JPMorgan Chase & Co (JPM.N) and Goldman Sachs Group Inc (GS.N) are also scaling back their businesses in Russia. The invasion has now entered its second year despite efforts to isolate Russia. Reporting by Niket Nishant in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

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☆ Ukraine plots post-war rebuilding effort with JPMorgan Chase as economic advisor
▼ + stars: | 2023-02-13 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

A closer shot of Ukraine President Volodymyr Zelenskyy and the Ministry of Economy (MoE) meeting with senior members of J.P. Morgan. Ukraine's government signed an agreement with JPMorgan Chase to help advise the war-afflicted country on its economy and future rebuilding efforts. It also ignited a corporate exodus from Russia, and has helped galvanize support for Ukraine. "The full resources of JPMorgan Chase are available to Ukraine as it charts its post-conflict path to growth," CEO Jamie Dimon said in a statement. Dimon added that the bank was proud of its support to Ukraine and was committed to its people.

☆ U.S. lender Citizens stepping back from auto loans - CEO
▼ + stars: | 2023-01-30 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

Citizens has reduced its auto loan portfolio to about $10 billion as of now from a peak of $14.5 billion in December 2021, Bruce Van Saun recently told Reuters. "We basically made a decision to move that portfolio down materially over time," Van Saun said. Van Saun said it will be brought down to $5 billion to $6 billion by 2024. "We believe that most banks recognize the growing risks in auto lending outside of the super prime segment," he said. Citizens' Van Saun said the bank is also tightening its appetite for new mortgage credit, but that move is mot as dramatic as that for auto loans.

Bangladesh Bank has accused RCBC and several others, including top executives, of conspiring to steal its money. The New York Supreme Court ruled on Jan. 13 that, contrary to Rizal bank's argument, it does have jurisdiction over the case, and dismissed Rizal bank's motion against Bangladesh Bank. In the same ruling, the court ordered the Bangladesh central bank and RCRC to initiate mediation. In response to the ruling, Rizal bank said it would continue to fight the case. Bangladesh Bank has welcomed the court ruling, saying in a statement this week that it clears the way for the matter to progress in court in New York as needed.

☆ Wells Fargo shares fall as bank's profits cut in half by higher reserves, settlement costs
▼ + stars: | 2023-01-13 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

People walk past a Wells Fargo bank on 14th Street on December 20, 2022 in New York City. Wells Fargo shares came under pressure Friday after the bank reported shrinking profits, weighed down by a recent settlement and the need to build up reserves amid a deteriorating economy. Meanwhile, Wells Fargo also said last month that it would have a $2.8 billion after-tax operating loss tied to legal and regulatory costs. After excluding severance costs and a tax gain, Wells Fargo earned 61 cents a share, shy of the 66 cents analysts surveyed by Refinitiv were expecting. As the most mortgage-dependent of the six biggest U.S. banks, Wells Fargo has faced pressure as sales and refinancing activity has fallen steeply amid mortgage rates that have topped 6%.

☆ Wells Fargo's solid 4Q and planned share buybacks support our thesis for the stock, as shares climb
▼ + stars: | 2023-01-13 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Sequentially, the biggest driver was higher interest rates, as well as a benefit from higher loan balances and lower mortgage-backed securities premium amortization. Key company metrics Net interest income: $13.43 billion, up 11% quarter-over-quarter and 45% year-over-year, outpacing analysts' forecasts of $12.99 billion. Net interest margin: 3.14%, compared with 2.11% during the same period a year prior, and above the consensus estimate of 3.02%. Within consumer lending, home lending was down 57% from last year, while credit card revenue increased 6% over last year. Noninterest expenses increased 4% year-over-year but were down 3% sequentially, with the annual increase resulting from higher operating costs and salary expenses.

Chase Premier Plus Checking℠ 3.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.5 out of 5 Stars Annual Percentage Yield (APY) 0.01% effective as of 7/1/2022. Interest rates are variable and subject to change Minimum Deposit Amount $0 Fees $25 View Full Details Learn MoreChase Premier Plus Checking℠ 3.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.5 out of 5 Stars Annual Percentage Yield (APY) 0.01% effective as of 7/1/2022. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE.

☆ Uralsib completes purchase of Citi's Russian consumer loan portfolio
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Dec 12 (Reuters) - Russian commercial bank Uralsib said on Monday it had completed the acquisition of a portfolio of consumer loans from Citigroup Inc's (C.N) Russian unit, as the major U.S. lender reduces its exposure to Russia on the way to a full exit from the country. "The acquired portfolio includes unsecured consumer loans, which going forward will be serviced by Uralsib Bank from the moment of purchase," Uralsib said in a statement. Privately-owned Uralsib, among Russia's top 30 banks by assets, said the loan portfolio had high credit quality, giving it the opportunity to increase its client base in Moscow and St Petersburg. Citi said in October it would also sell a portfolio of credit card balances, if it secures customers' consent. Citi last year agreed to shed its retail operations in Russia as part of an overhaul led by Chief Executive Jane Fraser.

☆ Arielle Charnas' company, Something Navy, is floundering amid dwindling sales, an employee exodus, and furious suppliers
▼ + stars: | 2022-12-08 | by ( Katie Warren | ) www.businessinsider.com time to read: +36 min

From the outside, it doesn't look as if Charnas' company is in trouble. Mark Sagliocco/Getty Images for Beach MagazineSeveral former employees told Insider they cut ties with Something Navy because they saw signs the company was struggling. Several current and former Something Navy employees told Insider they'd been inundated with emails since the spring from suppliers, freelancers, and models asking where their money was. In one email viewed by Insider, Scanlan told a supplier that cash was tight but promised payment was on the way. The current Something Navy employee said that based on data she'd seen, the retail locations most likely don't turn a profit.

☆ With Debt Coming Due, Investment-Grade Companies Are Paying Up, Too
▼ + stars: | 2022-12-01 | by ( Nina Trentmann | ) www.wsj.com time to read: +7 min

What’s more, volatile markets have resulted in fewer opportunities for companies to sell their debt. Investment-grade U.S. companies have between $550 billion and $750 billion coming due per year from 2023 through 2027, according to Goldman Sachs Group Inc., with about $59 billion left to pay off or refinance in 2022. Of the $615.54 billion, $504.31 billion were new issuances, compared to $111.23 billion in refinancings, Dealogic said. But investor demand for bonds has been stronger in recent days, leading Amazon.com Inc. and others with near-term debt coming due to the market. Among the businesses that recently took out bond debt at a higher cost is retail giant Walmart Inc.

☆ Top Canada banks post fall in profits as deals drought offsets rate boost
▼ + stars: | 2022-11-30 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -Royal Bank of Canada (RBC) and National Bank of Canada, two of the biggest banks in the country, posted a drop in profits as their market-focused businesses took a hit from the central bank’s hawkish monetary tightening campaign. FILE PHOTO: FILE PHOTO: A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. To cushion the hit from markets, banks have turned to their lending business that got a boost from the central bank’s rate hikes. While National Bank posted an adjusted profit of C$2.08, below analysts’ expectation of C$2.24. RBC reported a modest drop in profit to C$3.88 billion, while National Bank’s earnings dropped 4% to C$738 million.

☆ Top Canada banks RBC, National Bank's profits dip as bad debt provisions mount
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Profit from personal and commercial banking for RBC and National Bank in the quarter grew 5% and 13%, respectively. RBC earmarked C$381 million in provisions for credit losses (PCL), compared with a C$227 million release last year. National Bank reported C$87 million versus a C$41 million release a year ago. Shares of RBC, which agreed to buy HSBC's (HSBA.L) Canadian business on Tuesday, were down 1.4%, while National Bank fell nearly 4%. National Bank, on the other hand, posted an adjusted profit of C$2.08 per share, below analysts' expectation of C$2.24.

☆ Junk-Rated Companies Face Greater Downgrade Risks as Economy Slows
▼ + stars: | 2022-11-25 | by ( Mark Maurer | ) www.wsj.com time to read: +6 min

Each of these companies was downgraded by at least one ratings firm in recent weeks. At the same time, the economy has been losing steam, resulting in lower earnings and darkening the outlook for companies, especially in consumer-facing sectors. Credit downgrades can drive up financing costs for companies and cause executives to take additional action such as reducing debt loads. There were 33 S&P downgrades in September, the most in a single month since June 2020. Businesses without immediate refinancing needs, however, tend to see less of a direct impact from credit downgrades.

☆ Japan's Mitsubishi UFJ to buy two Asia units of Home Credit for $620 mln
▼ + stars: | 2022-11-24 | by ( Makiko Yamazaki | Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

TOKYO, Nov 24 (Reuters) - Japan's Mitsubishi UFJ Financial Group Inc (8306.T) said on Thursday it would buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit BV (HC) for about 596 million euros ($621 million). The acquisitions will be made through main Mitsubishi UFJ banking arm MUFG Bank, Thai unit Bank of Ayudhya PCL (BAY) (BAY.BK), and Indonesian unit Adira Dinamika Multi Finance (ADMF), with the deal to be completed within 2023, the company said. PPF, which had been looking at selling or taking on partners in some markets for the HC business, said in a statement it was the right time to pass the baton. A Mitsubishi UFJ executive said in a briefing that the lender would explore further acquisition opportunities in Southeast Asia. MUFG Bank will hold 25% of HC Philippines, and ADMF will hold 10% of HC Indonesia shares.

☆ Japan's Mitsubishi UFJ to buy two Asia units of Home Credit for $596 mln
▼ + stars: | 2022-11-24 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

TOKYO, Nov 24 (Reuters) - Japan's Mitsubishi UFJ Financial Group Inc (8306.T) said on Thursday it would buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit Group BV for about 596 million euros ($621 million). The acquisitions will be made through Japanese unit MUFG Bank, Thai unit Bank of Ayudhya PCL (BAY) (BAY.BK), and Indonesian unit Adira Dinamika Multi Finance (ADMF), with the deal to be completed within 2023, the company said. Home Credit (HC) is controlled by the Czech Republic's biggest investment group, PPF, which was founded by late billionaire Petr Kellner. read moreAfter the completion of the deal, Bank of Ayudhya will hold 75% of the shares of HC Philippines and 75% of the shares of HC Indonesia. MUFG Bank will hold 25% of HC Philippines, and ADMF will hold 10% of HC Indonesia shares.

SummarySummary Companies Coal miners struggling to fund expansion plansThermal coal costs more than coking coal after price surgeMost Western bankers pulling back from coal industryLONDON, Nov 24 (Reuters) - It's the best of times, it's the worst of times. At least when it comes to mining coal. With funding hard to come by from Western banks, coal miners outside China have turned more to equity markets this year. "With regard to thermal coal mining, any transaction in coal mining requires an enhanced environmental risk review," a Deutsche spokesperson said, adding that the bank was updating its coal policy. Bens Creek listed shares partly because of the lack of appetite from banks to support any expansion of coal mining, chief executive Wilson said.

☆ JPMorgan is the latest company to try to profit by taking old-school rent checks online
▼ + stars: | 2022-11-08 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

More than 100 million people in the US pay a total of $500 billion in rent each year, per JPMorgan. JPMorgan and many startups are taking the rent check online to get a cut of that pool of money. Historically, America's 44.2 million renters have written checks to their landlords and kissed that cash goodbye. Renters living at one of the 2.5 million "Bilt Alliance" properties, have the ability to report their rent payments to Experian, TransUnion, and Equifax. Once enrolled, renters can earn Pinata Cash that can be spent at retailers like Starbucks, Amazon, and Target, and also have their rent payments reported to TransUnion.

☆ Factbox: Companies count the cost of ditching Russia
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +6 min

INDITEX (ITX.MC)Zara owner will book a provision of 216 million euros after agreeing to sell its Russia stores to UAE-based Daher Group. TRATON (8TRA.DE)Volkswagen's (VOWG_p.DE) truck division Traton in September said disposing of some assets in Russia would cause a 550 million euro loss. CREDIT AGRICOLE (CAGR.PA)Credit Agricole provisioned more than 500 million euros related to its Russian exposure in Q1. LINDEThe world's largest industrial gases company's exit from Russia recorded impairments of $993 million from its Russia exit. SIEMENS (SIEGn.DE)The Munich-based engineering and tech firm said in May it would take a 600 million euro hit in Q2 for exiting Russia.

Chase Premier Plus Checking℠ 3.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.5 out of 5 Stars Annual Percentage Yield (APY) 0.01% effective as of 7/1/2022. Interest rates are variable and subject to change Minimum Deposit Amount $0 Fees $25 View Full Details Learn moreChase Premier Plus Checking℠ 3.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.5 out of 5 Stars Annual Percentage Yield (APY) 0.01% effective as of 7/1/2022. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE.

☆ JPMorgan Chase wants to disrupt the rent check with its payments platform for landlords and tenants
▼ + stars: | 2022-10-31 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

JPMorgan Chase is betting that landlords and tenants are finally ready to ditch paper checks and embrace digital payments. The bank is piloting a platform it created for property owners and managers that automates the invoicing and receipt of online rent payments, according to Sam Yen, chief innovation officer of JPMorgan's commercial banking division. That's because the market is highly fragmented, with most of the country's 12 million property owners running smaller portfolios of fewer than 100 units. More than 100 million Americans pay a combined $500 billion annually in rent, the bank said. "The vast majority of rent payments are still done through checks," Yen said in a recent interview.

☆ HSBC's Canada unit loses National Bank, CIBC as bidders, Global and Mail reports
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +1 min

HSBC disclosed on Oct. 4 that it was considering selling HSBC Bank Canada, a unit that analysts estimate to be valued around C$8 billion ($5.88 billion) to C$10 billion ($7.35 billion). The Globe and Mail, in its report on Friday, quoted sources familiar with the process as saying that the field of contenders to acquire HSBC Bank Canada from the British lender was narrowing. HSBC Bank Canada includes four divisions covering HSBC's commercial banking, personal banking, investment banking and markets services business in the country. National Bank of Canada declined to comment on the Global and Mail report. HSBC, CIBC and BMO did not immediately respond to requests for comment.

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